Bob Quinn Gone-Again! by Kit Menkin
"Every morning in Africa, a gazelle wakes up. It knows it must run faster than the fastest lion or it will be killed...every morning a lion wakes up. It knows it must outrun the slowest gazelle or it will starve to death. It doesn't matter whether you are a lion or a gazelle...when the sun comes up, you'd better be running." Gazelle---that is the word Leasing guru Thomas J. Depping used to describe himself in his letter of resignation to employees of the company he founded, Sierra Cities/First Sierra, when it was sold to American Express Business Finance: that he was going out like a gazelle. He told the parable, which is on several motivational posters, about the lion and the gazelle both co-existing in the same jungle, and how each start each morning running, either to eat or avoid being eaten. It is our guess it came from the motivational poster at the beginning of this article. His inner theme: he had to move fast to stay alive. Readers requested we contact the famous fast “Gazelle to confirm if he is actively seeking acquisitions. Leasing News had reported: “Former Sierra Cities/First Sierra founder Thomas J. Depping and now chief funder raiser for Main Street Bank in Texas, is reportedly actively seeking acquisitions. From my sources he is offering a little cash upfront and the right to buy stock at the ‘founders' price with the statement that the real payoff will be in 4-6 years when Main Street goes public, somewhat following the same “game plan” at his former company.” Leasing News reached him on his private telephone, where he acted quite surprised that we had his private line. It was about several things, we responded. First, was he actively seeking acquisitions? "No public comment on this."
Thomas J. Depping at his Sierra Cities office in Houston November 4, 2004 official press release from Mr. Depping, with his direct telephone number: http://www.leasingnews.org/archives/November%202004/11-04-04.htm#deep
(Reportedly Depping attended all the Houston Spurs basketball games and was one of six investors trying to raise the capital to buy them.) What about the rumor that you are part of a group purchasing the Houston Spurs Basketball team? “No public comment on this?” Now down to serious business: Bob Quinn is no longer with Main Street Bank. He was not terminated for cause and he did not quit. That was all Quinn could say, according to our source. Leasing News asked Tom Depping if he would confirm or deny this? “No public comment on this.” Reportedly the man who originated the First Sierra concept was Bob Quinn, not Tom Depping. Bob Quinn approached Tom Depping in 1993 after Denrich was purchased by ATT Capital in December, 1992.Quinn did not feel ATT was dedicated to their Private Label Program so he approached Tom Depping as an old friend and business acquaintance about forming a new company to do nothing but Private Label. From that meeting in 1993 to April 1994, Tom Depping sold some movers and shakers in Houston to raise the capital to start First Sierra. When Bob Quinn left ATT in May, 1994 along with Pete Smith; he and Depping along with Fred Van Etten, Pete Smith and Sandy Ho actually began the operations at First Sierra. "SierraCities.com (NASDAQ:BTOB) has harnessed the power of the Internet to create a totally new way for small business owners to get the funding they need. The leader in online banking and financing, we've automated the funding process to offer quick and convenient access to loans, leases, and a full range of comprehensive banking services. Since 1994, SierraCities.com has funded over $2.5 billion in small business loans." The above is http://www.sierracities.com/about_us.asp Off the record, at the time, Leasing News asked Quinn why he went back to work with Tom Depping, particularly after the articles we had written about what had happened between he and Tom Depping at First Sierra. He laughed, and said he felt Main Street would be an excellent opportunity, but beyond that he had nothing he could say. In the article that was printed in Leasing News September 27, 2000, it was noted Depping did not terminate him, but let him spin in 1999 when Quinn would not move to Houston, Texas. Leasing News confirmed that Depping had told the people who helped get the started company he would not make them move out of Florida. One day he came out and announced to everyone that the company was moving to Houston, Texas on a specific date. Employees who would not move, he said, would be terminated. Those who wanted to move with the company were welcome to do so. Among those surprised was Quinn, who helped found the company, and could not move due to family commitments. Depping was aware of the family situation. His response was to make Quinn drive 80 miles each way from Jupiter to Eric Barash's office in Ft. Lauderdale to sit in a bare office with no computer or company phone each day. Bob Quinn was only allowed to use his laptop and read newspapers with minimal contact with First Sierra employees, he was instructed, and would then get his pay check. In previous communication in the year 2000 with Quinn, he would not confirm nor deny the story. Leasing News could not reach Quinn for a comment today, but did learn from a source in Florida that he had left Main Street Bank and returned to operating Treasure Coast Capital in Jupiter, Florida. Leasing News asked Tom Depping for a more convenient time for an interview. He answered, “Not this year.” So we wished him a “Merry Christmas, and he responded, “You too.” Then quickly he hung up the telephone. The gazelle is known for being a fast animal. ----The full story of Sierra Cities/First Sierra: |
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